Question
round off FINAL answers to 2 decimal places 1. A bank loans a family 90000 at 4.5% monthly interest rate to purchase a house. The
round off FINAL answers to 2 decimal places
1. A bank loans a family 90000 at 4.5% monthly interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over a 15 year period. How much should the monthly payment be in order to pay off the debt in 15years
2. Suppose you have selected a new car to purchase for 19500000. If the car can be financed over a period of 4years at an annual rate of 6.9% compounded monthly, how much will your monthly payments be?
3. Suppose you invested 1000 per quarter over a 15year period. If a money earns an annual rate of 6.5% compounded quarterly, how much would be available at the end of the time period?
4. Suppose you need 1200000 in 3 years. How much must you invest per month in order to have 1200000 if money earns an annual rate of 6% compounded monthly?
5. How much money must you deposit now in order to be able to withdraw 3000 at the end of each quarter for two years at 6% interest compounded quarterly ?
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